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Putin calls for blockchain-based international payment system

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Russian President Vladimir Putin criticized monopoly in international monetary fee techniques and known as for an unbiased and blockchain-based settlement community on Nov 24, speaking on the Worldwide AI Journey Convention in Moscow. 

Throughout the occasion organized by Sberbank, the biggest Russian financial institution and a serious lender to the federal government, he acknowledged:

“The know-how of digital currencies and blockchains can be utilized to create a brand new system of worldwide settlements that will likely be way more handy, completely secure for its customers and, most significantly, won’t rely on banks or interference by third international locations. I’m assured that one thing like it will definitely be created and can develop as a result of no person likes the dictate of monopolists, which is harming all events, together with the monopolists themselves.”

Putin additionally famous that international funds and nations are in danger as a consequence of tense relations between Russia and the West following Ukraine’s invasion, labeling sanctions imposed by international locations as “illegitimate restrictions”. 

“The prevailing system of worldwide funds is dear, the system of its correspondent accounts and regulation are managed by a slim membership of states and monetary teams.”, famous the Russian president.

A day earlier than, the native media reported that lawmakers have been in discussions for amendments to the prevailing cryptocurrency laws, laying down a authorized framework for a nationwide trade.

One other latest improvement, a invoice was launched into the Russian State Duma, the decrease home of parliament, on Nov. 17 legalizing cryptocurrency mining and the sale of the cryptocurrency mined.

As reported by Cointelegraph, chairman of the Duma Monetary Markets Committee Anatoly Aksakov believes the “passage of the legislation will carry this exercise into the authorized discipline, and make it attainable to kind a legislation enforcement apply on points associated to the issuance and circulation of digital currencies.” At present, cryptocurrency can’t be used for settlements in Russia.